China Economic Outlook. Second quarter 2017

Q1 GDP edged up to 6.9% YoY, we expect 2017 annual growth rate would not deviate much from the newly set official target of around 6.5%. Prudent monetary policy and tight regulations start to effect .RMB exchange rate and foreign reserves has stabilised. Downside risks: housing bubbles ; currency depreciation; indebtedness of the corporate sector and shadow banking.

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